Comtech Telecommunications - CMTL STOCK NEWS

On January 3, 2022, Comtech Telecommunications Corp. (NASDAQ: CMTL) announced the appointment of Michael Porcelain as Chief Executive Officer, effective December 31, 2021. Porcelain, who has been with the company in various leadership roles since 2018, succeeds Fred Kornberg, who remains as an advisor and non-executive Chairman. The company also appointed Wendi Carpenter and Mark Quinlan as independent directors. Porcelain expressed commitment to enhance performance and shareholder value during this pivotal time for Comtech.

Comtech Telecommunications Corp. (NASDAQ: CMTL) announced the adjournment of its Annual Meeting to December 28, 2021, allowing shareholders more time to vote for company nominees via the Blue proxy card. This decision follows a cooperation agreement with Outerbridge Capital Management, which involves supporting a unified slate of directors and withdrawing prior nominations. Shareholders are encouraged to submit their votes promptly and can contact Innisfree M&A Incorporated for assistance.

Comtech Telecommunications Corp. (CMTL) urges shareholders to vote for its board nominees ahead of the December 17 Annual Meeting. The company reports strong performance driven by a transformative acquisition strategy and significant new business wins, including $200 million in 911 contracts. Comtech also secured a $100 million investment to support growth. The board refreshment process emphasizes expertise for future growth, while opposing nominees from Outerbridge Capital Management are criticized for lacking relevant experience and risking customer relationships.

Outerbridge Capital Management has voiced concerns over Comtech's disappointing FQ1 results, which revealed a 14% decline in revenue and a staggering 61% decline in EBITDA. They argue these figures underscore a lack of strategic direction from the current board, prompting the need for change. Outerbridge criticized Comtech for spending $2.2 million on proxy fight advisor fees and emphasized the importance of electing their independent nominees to the board. The recent bid from Acacia at $30 per share raises further concerns about Comtech's governance.

Comtech Telecommunications Corp. (NASDAQ: CMTL) declared a quarterly cash dividend of $0.10 per common share, scheduled for payment on February 18, 2022. This marks the company’s 46th consecutive quarterly dividend. Shareholders of record on January 19, 2022 will receive the dividend. Future dividends are subject to compliance with financial covenants and Board approval, emphasizing management's commitment to returning value to investors.

Comtech Telecommunications Corp. (CMTL) reported its Q1 fiscal 2022 results, revealing consolidated net sales of $116.8 million and a GAAP net loss of $6.0 million, outperforming expectations. In comparison, Q1 fiscal 2021 saw net sales of $135.2 million and a net loss of $85.8 million. New bookings reached $86.4 million, with a book-to-bill ratio of 0.74x. The company has a backlog of $628.5 million and revenue visibility exceeding $1.2 billion. Comtech reconfirms fiscal 2022 targets, expecting net sales between $580 million to $600 million.

Outerbridge Capital Management, holding 4.9% of Comtech Telecommunications Corp. (CMTL), announced nominations for Wendi Carpenter and Sidney Fuchs to the Board of Directors amidst accusations of misleading tactics from Comtech's Board. Outerbridge emphasizes that the incumbent Board has resorted to scare tactics to prevent independent candidates from joining. The firm argues that the election of these nominees is critical for improving Comtech's governance and performance, highlighting both nominees' distinguished backgrounds in the military and intelligence.

Comtech Telecommunications Corp. (CMTL) announced a $2 million order from Intellian for C-Band and Ku-Band Low Power Outdoor Block Up Converters (LPOD BUCs) during its first fiscal quarter of 2022. This contract will enhance Intellian's capabilities in providing reliable marine satellite communication systems in demanding environments like oil & gas, cruise ships, and merchant shipping. The LPOD BUCs offer advanced monitoring features, supporting efficient network management. Comtech's products are recognized for their performance in critical maritime communications.

On December 7, 2021, Comtech Telecommunications Corp. (CMTL) addressed a report by Institutional Shareholder Services (ISS) regarding its board of directors' election. Comtech highlighted its significant shareholder returns over five years, outperforming industry benchmarks by delivering 126.7% returns. The company criticized ISS for underestimating risks linked to candidate Sidney Fuchs, citing concerns from major customers. Comtech urges shareholders to vote for its nominees, Judy Chambers and Larry Waldman, while emphasizing the importance of maintaining the current board's strategic direction for long-term growth.